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- continued <br />Capital Investment Plan - A long term plan of proposed capital improvement projects, which <br />includes estimated project cost and funding sources, which the County expects to undertake <br />within a five -year period. The plan is updated annually to reassess capital needs. <br />Capital Outlay - An expenditure which results in the acquisition of or addition to a fixed asset. <br />Capital Project - A project expected to have a useful life greater than 10 years and an estimated <br />cost of $30,000 or more. Capital projects include the construction, purchase or major renovation <br />of buildings, utility systems, parks, or other physical structures or property; purchase of land; and <br />purchase of large equipment. <br />Capital Project Fund - A fund used to account for the acquisition or construction of major <br />capital facilities and equipment. <br />Category - Expenditure budgets are presented in one of three categories: Personnel Services, <br />Operations and Capital Outlay. <br />Community Development Fund - A fund used to account for block grant monies received from <br />the federal government under the Title I of the Housing and Community Development Act. <br />Contingency - Appropriation intended for unanticipated expenditures. Transfer of these funds <br />into an expendable account is controlled by the Board of County Commissioners. <br />Current Expense - Local funds used to supplement the State's minimum level of support for <br />operating the Schools. By State law, local governments appropriate these funds on a per pupil <br />basis. <br />Debt Service - Principal, interest and administrative costs associated with the repayment of long- <br />term debt. <br />Delinquent Taxes - Taxes that remain unpaid after the due date on which a penalty for <br />nonpayment is occurred. <br />Department - A major administrative division of the county that has overall management <br />responsibility for an operation within a functional area. <br />District Tax - Taxes paid by those owning property in a special district of the County. <br />Effective Tax Rate - Current tax rate multiplied by the sales assessment ratio. The effective tax <br />rate is useful in comparing the tax rate of counties across the state since it adjusts for differing <br />years of revaluation of real property across the state. <br />Encumbrances - A financial commitment for services, contracts, or goods which have not been <br />delivered or performed. <br />M- <br />